So that you know, I am pretty disappointed with CPF.

Looking back, though there were no reported numbers supporting a need for additional $100 million, or supplied reasons that a secondary would require larger numbers of shares authorized, its clear (on hind sight) that both the management and the investment bankers knew that large losses were in store.

So this 3Q was disastrous. But assuming that all 185 million authorized shares are needed to restore the balance sheet to, say, 6% of tangible asset, that would require $120 million new equity. Dividing it into about 120 million new shares, that would be $1 per share. But, equity per share would end up at around $2, absolutely horrible but better than total wipe out.

I added at $1.4, but the numbers looks so bad, and loss history shown such unpredictable patterns, a total wipe out does not look so improbable now.